BYD eyes existing factory for second European plant

Investing.com -- Chinese electric vehicle maker BYD is seeking to acquire an existing factory in southern Europe for its second assembly plant on the continent, with Spain among the countries under consideration, a senior executive said on Wednesday.

Executive vice president Stella Li told reporters in Berlin that the company would prefer to take over an existing plant. The comments came during the European launch of the Dolphin G, a small electric car.

Li did not disclose which other European countries are being considered or when the company expects to make a decision on the location.

Earlier this week, Li told Reuters that the world's largest EV maker's main priority is beginning production at its first European plant in Hungary in the fourth quarter. This timeline represents about a year delay from the original plan.

The automaker has placed a planned plant in Turkey on hold.

BYD's sales in Europe grew 270% last year to almost 188,000 vehicles. This year through May, sales more than doubled to over 100,000 units.

Manufacturing electric vehicles in Europe would allow BYD to avoid European Union tariffs on Chinese-made electric cars.

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